Viking Therapeutics Shares Double Amid No News
Investors in nano-cap company Viking Therapeutics Inc (NASDAQ: VKTX) got quite a post-holiday surprise Monday as shares more than doubled over the trading session.
The stock closed last week's session at $2.18; near Monday's closing bell, Viking Therapeutics had last traded at $4.43, up about 103 percent for the day. Intraday volume was extremely heavy and had approached about 900,000 shares into the close, versus average daily volume around just 16,000 shares.
The very sharp move higher came despite any company-direct news either via a press release or SEC filing. Inquiries to the company related to the price action were not immediately returned.
On a technical basis, the one-day chart looked largely as expected. The price charged through resistance at both $3 and $4, and saw a consolidation phase just after the first resistance area, between $3.10 and $3.40. Notably, shares ran into trouble at an intraday high of $5.17.
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